View the complete 1-hour HD streaming video of the Edge event that took place at Hubert Burda Media's Digital Life Design Conference (DLD) in Munich on January 27th as the greatest living psychologist and the foremost scholar of extreme events discuss hindsight biases, the illusion of patterns, perception of risk, and denial.

DANIEL KAHNEMAN is Eugene Higgins Professor of Psychology, Princeton University, and Professor of Public Affairs, Woodrow Wilson School of Public and International Affairs. He is winner of the 2002 Nobel Prize in Economic Sciences for his pioneering work integrating insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.

NASSIM NICHOLAS TALEB, essayist and former mathematical trader, is Distinguished Professor of Risk Engineering at New York University’s Polytechnic Institute. He is the author of Fooled by Randomness and the international bestseller The Black Swan.

At blame for the financial crisis is the nature of man, say two renowned scientists: Nobel Prize winner Daniel Kahneman and bestselling author Nassim Taleb ( "The Black Swan").

By Ansgar Siemens, FOCUS online editor

Two men sitting on the stage. Left. Daniel Kahneman, 74, bright-eyed, Nobel Prize winner. Right Nassim Taleb, 49, former Wall Street banker, best-selling author. Both speak on the future of Digital Life Design Conference (DLD) in Munich on the financial crisis, about the beginning--mainly they talk about people. They say it is due to human nature, that the crisis has broken out. And they choose harsh words in discussing the scale of the disaster.

Kahneman explains why there are bubbles in the financial markets, even though everyone knows that they eventually burst. The researchers used the comparison with the weather: If there is little rain for three years, people begin to believe that this is the normal situation. If over the years stocks only increase, people can't imagine a break in this trend.

"Those responsible must go--today and not tomorrow"

Taleb speaks out sharply against the bankers. The people in control of taxpayer's money are spending billions of dollars. "I want those responsible for the crisis gone today, today and not tomorrow," he says, leaning forward vigorously. The risk models of banks are a plague, he says, the bankers are charlatans.

It is nonsense to think that we can assess risks and thus protect against a crash. Taleb has become famous with his theory of the black swan described in his eponymous bestsellers described. Black swans, which are events that are not previously seen--not even with the best model. "People will never be able to control a coincidence," he says.

The early warning

"Taleb had an early warning before the crisis. In 2003 he took note of the balance sheet of the U.S. mortgage finance giant Fannie Mae, and he saw "dynamite".

In autumn last year, the U.S. government instituted A dramatic bailout. Taleb said in the "Sunday Times" in 2008: "Bankers are very dangerous." And even now, he sees a scandal: He provocatively asks what have the banks done with the government bailout money. "They have paid out more bonuses, and they have increased their risks." And it was not their own money.

Taleb calls for rigorous changes: nationalize banks--and abolish financial models. Kahneman does not quite agree with him. Certainly, the models are not capable of predicting a collapse. But one should not ignore our human nature. People will always require and use models and get benefit from them--even if they are wrong.